The Depository Trust & Clearing Corporation (DTCC), the post-trade market infrastructure for the global financial services industry, is now increasingly focused on the nascent digital assets industry. The rise of DeFi and its convergence with TradFi is now pushing platforms and service providers to develop the foundation needed to enable the adoption of crypto-assets along with their underlying blockchain technology.
The infrastructure provider has recently announced the appointment of Thomas Sullivan as Managing Director of DTCC Digital Assets, reporting to Nadine Chakar, MD, Global Head of DTCC Digital Assets.
Sullivan is responsible for leading as well as facilitating the development of DTCC Digital Assets’ strategic objectives, with the stated aim of driving projects and partnering with clients, regulators and market participants to advance the company’s role in digital assets and related tech advancements.
Sullivan brings to DTCC experience in securities and banking, across operations and innovation.
Previously, he was acting as the Head of Business Development for Digital Assets at Société Générale, where he helped establish the company as a market player in the issuance, transaction and management of “digital-native” financial products registered on blockchain / DLT networks.
Prior to working over at Société Générale, he was reportedly serving as the Head of Broker Dealer Operations at Commerzbank, where he managed securities settlements, securities lending support, and asset servicing.
Chakar said:
“As we accelerate DTCC’s leadership in digital asset innovation and deliver trusted infrastructure that bridges traditional finance with emerging blockchain ecosystems, we must advance our solutions and seek opportunities to collaborate with clients, regulators, and fintech partners to drive meaningful transformation across the financial landscape,”
They added:
“Thomas’ appointment reinforces our commitment to doing just that. His … experience in advancing blockchain solutions for the benefit of the industry, along with his … collaborative approach, will enable us to continue to advance our offerings and ultimately deliver the TradFi / DeFi ecosystem of the future.”
As covered, DTCC serves as the post-trade market infrastructure for the global financial services sector.
DTCC, via its subsidiaries, automates, centralizes, and standardizes the processing of financial transactions, mitigating risk, boosting transparency, improving performance and enabling efficiency for broker/dealers, custodian banks and asset management firms.
The firm says that it is simplifying the complexities of clearing, settlement, asset servicing, transaction processing, trade reporting and data services.
This being done across asset classes, with the stated aim of bringing resilience and soundness to financial markets while enabling the nascent digital asset ecosystem.
In 2024, DTCC’s subsidiaries have reportedly processed securities transactions valued at $3.7 quadrillion and its depository subsidiary provided custody and asset servicing for securities issues from more than 150 nations and territories valued at $99 trillion.